Hedera, an open-source public distributed ledger network, has announced a five-year partnership agreement worth $250 million with the Saudi Ministry of Investment.
Hedera And Hashgraph Launch DeepTech Venture Studio
As part of the agreement, Switzerland’s Hashgraph, the company behind Hedera, unveiled the establishment of the DeepTech Venture Studio in Riyadh. This facility will serve as a dynamic platform, supporting local Saudi companies and international enterprises interested in operating within the Kingdom.
According to the announcement, the DeepTech Venture Studio will focus on nurturing and developing solutions powered by emerging technologies such as artificial intelligence (AI), blockchain, robotics, the Internet of Things (IoT), virtual reality, and quantum computing.
The studio aims to catalyze technological advancements, drive economic growth, and foster innovation in Saudi Arabia by offering access to these technologies.
The partnership was officially announced during the Saudi-Swiss roundtable meeting in Riyadh, where representatives gathered to discuss collaboration opportunities.
This collaboration seeks to leverage the combined expertise of Hedera, Hashgraph, and the Saudi Ministry of Investment to boost innovation and propel the growth of the digital economy in Saudi Arabia.
Overall, the formation of the DeepTech Venture Studio and the five-year partnership between Hedera and the Saudi Ministry of Investment aims to herald a new era of technological development in the Kingdom.
By providing a supportive ecosystem for local startups and attracting international companies, the studio aims to nurture entrepreneurship and foster collaboration with emerging technologies. Ultimately, the announcement highlights that the initiative aligns with Saudi Arabia’s broader vision of diversifying its economy and transitioning towards a knowledge-based society.
HBAR Bounces Back From Correction
Following the announcement, Hedera’s native cryptocurrency, HBAR, rebounded from a significant correction after reaching its 20-month high of $0.1014 on January 2.
Subsequently, the token experienced a retracement, dropping to as low as $0.0671 on January 24, representing the lowest point of the correction.
However, with the recent announcement, HBAR has exhibited a surge of over 8% in the past 24 hours alone, currently trading at $0.0742. This upward momentum puts the token in a favorable position to surpass previous levels and regain lost ground.
The impact of this partnership on HBAR’s price trend and its sustainability as a bullish catalyst for the token in the long run remains to be seen. Additionally, it will be interesting to observe the network’s ability to secure other valuable partnerships that can further enhance its solutions, protocol, and overall ecosystem.
Featured image from Shutterstock, chart from TradingView.com